Thus far I haven’t re-posted any of my articles that I’ve been writing over at MagnifyMoney.com, but I feel very strongly that this one needs as many eyeballs as possible!!
Credit cards, like any financial product, seem to create a certain amount of anxiety for people. There are myths and rumors running rampant about how to spend on a card, when to pay them off and whether or not to even have one. Unfortunately, some of these rumors may be causing your wallet – and your credit score – more harm than good.
Here are five myths we hope you’ll disregard next time you hear them.
1. Don’t get a credit card, just use prepaid or debit cards
Never drink one beer, you’ll just get incredibly sick.
That’s essentially what people are saying when they tell you not to get a credit card.
There is a common misconception that carrying a credit card will ultimately lead to damaging credit card debt. Sure, some people don’t understand how to handle credit cards – or have personality types (looking at you present hedonists), which aren’t conducive to having access to a credit limit.
Read the reason why and the other four myths over at MagnifyMoney’s Fine Print blog.
Gif taken from GIPHY